subject: Can All Banks In India Offer Secured Credit Cards [print this page] In the recent times, credit cards have been one of the highly demanded financial products in India. This is due to the fact that credit cards have been offering to us the advantages of cashless transactions, credit facility in times of need, the ability to buy products even when there is no cash, ability to pay bills and pay for various expenses, etc.
Nowadays, many banks are offering credit cards to people from different walks of life. People such as students, employees, business people, housewives, etc are offered credit cards depending upon their needs and repayment capabilities. The kinds of credit cards offered will also change depending upon the profession, level of income, repayment capability and also upon the credit history of the person. One such credit card is secured credit card. A secured credit card is a different type of credit card which differs from conventional credit cards and can also be regarded as the best credit card in India. A secured credit card is similar to secured overdraft account offered in banks. Just as the overdraft account is secured by a deposit, a secured credit card is also secured by collateral security offered to the bank. Depending upon the worth of the collateral, the limit on credit card is imposed.
All these measures are being taken in the recent times because till now, a credit card was offered mostly to corporate employees, government employees and high income professionals and to business professionals. The minimum level of income that is accepted for issuing a credit card is Rs.200,000 per annum for employees working with corporate companies or government organizations. The minimum limit for business people is Rs.250,000. This is because credit card frauds and defaults which took place in the recent past. So, to avoid such circumstances, banks have started taking precautions which include scrutiny of the credit history of the person who opts for credit card apply, for any remarks. These remarks will be used as a standard to arrive at the repayment capabilities of the applicant.
Unlike others, a secured credit card can be offered to anyone who can submit a collateral security and promptly pay the installments on time.
In other words, this is the best credit card in India because of its seeming advantages. One can opt for credit card apply with different banks ranging from nationalized banks to private banks and foreign banks operating in India.
Nowadays, thanks to financial aggregators like Policy Bazaar.com, one can go with credit card apply with them and obtain it within no time.
These days, with the availability of information on the internet, many people are preferring to search for the best credit card in India and are also choosing credit card apply online. This has reduced the time taken for submitting the credit card application personally in the bank, the bank scrutinizing the credit card application and the applicants history and finally, issuing the card.
It can also improve our credit score in the long run, because not only we will spend responsibly but also we will be paying the card installments regularly and improve our credit score in the long run.
